My wife Velda and l love spending time with our family during the summer, but we
also plan around our annual trip to Kenya. For three weeks, we spend time with
good friends and fellowship with some of our special students, while we assist orphans, distribute food, build water wells
and much more. Take a look at our mission outreach at: www.crossingboundariesinc.org and see how you can get involved!
Summer is a great time to review your financial position and plan for the future. Some
items you may want to look at to be sure your goals are on track:
The End of the Line for Some Popular Credits and Deductions
How Will the End of Some Popular Credits and Deductions
Affect Your Business?
Questions? Call (806) 683-4324 / firstname.lastname@example.org
Did you know that while many tax rules are permanent, others are written to expire at some point in the future? These expiring items are often granted a temporary extension, but a significant number of popular “extenders” terminated at the end of 2013, including both credits and deductions. A number of credits for qualified energy home improvements and appliance purchases will no longer be available, along with the credit against health insurance premiums previously granted to certain taxpayers. Teachers will no longer be able to take the $250 deduction for out of pocket classroom supply purchases, and the deduction for qualified tuition and related expenses is set to disappear.
How will the end of these and other credits or deductions affect you? And what other tax law changes could have an impact on your finances?
Contact our office to find out the answers.We can offer the advice and planning recommendations you need to minimize your tax bite and enhance your overall financial situation.
If you’re not sure what the new health care law means to you, you’re not alone. A poll by the Kaiser Family Foundation revealed that just over a third of the public had tried to find out more information about the law—the Affordable Care Act—in recent months. About half of the respondents to the survey said they remain confused about the law and its provisions.
If you have questions we can provide the answersyou need. Among other things, our individual clients should be aware of the Shared Responsibility Provision that becomes effective on January 1, 2014. Under the provision, people of all ages, including children, must either have minimum essential health coverage, qualify for an exemption or make a payment when they file their tax return. We can help you understand whether your coverage meets the law’s requirements, how gaps in coverage will be treated and what circumstances qualify for an exemption. Contact us today to find out how the health care law will affect you.
Did you know that bonus 50% first-year depreciation will no longer be available to your business in 2014 and beyond? And,Section 179 expensing limit, which allows you to deduct qualified costs immediately instead of expensing them over time, will tumble to $25,000 from $500,000, where it's been for the last four years? These are just a few of the changes that businesses should prepare for this year. While many tax rules are permanent, others are written to expire at some point in the future. Some are extended and given new deadlines, but a significant number of popular "extenders" terminated at the end of 2013, including both business credits and deductions.
How will the end of these and other credits or deductions affect you? And what other tax law changes could have an impact on your finances? Contact our office to find out the answers.We can offer the advice and planning recommendations you need to minimize your tax bite and enhance your overall financial situation.